For several decades, management educators have discussed the difficulty of accommodating the competing values of academic rigor and organizational relevance. Only a few articles, however, consider approaches for integrating theory and practice in educational programs for working managers. Building on 15 years of experience in executive education, this article presents an approach grounded in experiential and action learning, which combines personal learning and organizational action without compromising academic standards. The following educational practices are discussed and evaluated: reflection reports, personal learning contracts, roundtable examinations, live cases, action-oriented thesis work, and organizational knowledge theaters. Taken together, the approach constitutes a powerful program design to address multiple learning loci and combinations of reflection and action, albeit one with considerable challenges and difficulties, as the authors discuss. (Contains 1 figure.)